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DIC board ‘was dissolved in January’

Investment arm is now under direct control of Dubai Holding, confirms statement.

June 13, 2010 3:07 by

Dubai International Capital, the investment arm of Dubai Holding, is now under the direct control of its parent company, according to reports.

Bloomberg reports that the company, owned by Sheikh Mohammed Bin Rashid al Maktoum, has confirmed its board was dissolved in January. The confirmation statement follows a report in the UK’s Sunday Times that Sameer al-Ansari, the non-executive chairman, had resigned.

The board was dissolved by its parent company, Dubai Holding, to implement a new governance structure, the statement said. DIC is now under the direct supervision of Dubai Holding, though all sub- committees of the DIC board including investment and audit committees remain in place.

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